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Markandya, A. (2008). Can economic science help protect venice and its lagoon ? Scientific Research and Safeguarding of Venice, Corila Research Program 2006 Results, VI, XXIII–XXVI. 
Added by: Dott. Alessandro Meggiato (28/05/2014 16:19:51)
Tipo di Risorsa: Articolo di Rivista
Chiave di citazione BibTeX: Markandya2008
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Categorie: General
Keywords: economia e aspetti sociali - Economics, extend abstract corila
Creatori: Markandya
Collezione: Scientific Research and Safeguarding of Venice, Corila Research Program 2006 Results
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In environmental policy economics has, perhaps surprisingly, an important role to play. It allows the monetary valuation of goods and services that do not have a market value and, by combining these with other measures of value, it defines the category of social value or total economic value, which can form the basis of regulatory and investment decisions involving the environment. The difference between market values and social values is referred to as the ‘externality’.
The concept of total economic value is the basis of a branch of economics known as welfare economics. The total economic value of a natural resource such as the lagoon of Venice can also be defined as made up of ‘use’ values and ‘non-use’ values. Use values in turn are made up of direct use values – e.g. the exploitation of fisheries in a water body – and indirect use values – e.g. the use of the same water body for recreational purposes. Non-use values in turn are subdivided into bequest values and existence values – i.e. values attached to a resource by people simply from the knowledge that the resource is cared for and protected.
Although this taxonomy is clear, the empirical valuation of the different categories raises some challenges for economists working on the environment.
These relate to estimating the impacts of economic activities of the quality of a natural resource and in placing accurate and credible monetary values on that resource.
Added by: Dott. Alessandro Meggiato  Last edited by: Dott. Alessandro Meggiato
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